Westside-2

The Westside Medical Arts Building near Westside Regional Medical Center in Plantation sold for $15.5 million.

Westside Medical Center Development LLC, managed by Dhvanit Patel of Tampa-based Onicx, sold the 40,296-square-foot medical office building at 8251 W. Broward Blvd. to Westside MOB LLC, in care of Irvine, California-based Healthpeak Properties, an investor in medical office properties nationwide. The price equated to $385 per square foot.

The building sits on a 19,301-square-foot site leased from the owner of the hospital. The deed was for an assignment of the land lease, not the underlying land.

 

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Easton & Associates advised a publicly-traded healthcare real estate investment trust (REIT) on the acquisition of a 32,758-square-foot medical office building in Tallahassee.

The REIT paid $9 million cash for the asset in an off-market deal that closed June 2.  The seller was Realco, a family office based in West Viriginia.

The two-story building, located at 1803 Miccosukee Commons Dr., was built for Tallahassee Primary Care Associates (TPCA) which currently occupies the entire space on a long-term lease.   TPCA is one of the largest primary care medical practices in Northwest Florida, employing more than 50 practitioners across the Florida panhandle and parts of Georgia.

st johns county florida

Brooks Rehabilitation announced its purchase of 14 acres near the State Road 207-Interstate 95 interchange for a future facility.

According to a release from Brooks, the property was selected based on its strategic location and the significant growth occurring in St. Johns County.

Many health care organizations are expanding into St. Johns County or increasing operations there. The county has seen startling population growth in recent years, going from about 191,000 residents in 2010 to about 264,000 by 2019, according to the U.S. Census Bureau.

Baptist Health also owns land at that intersection but has not announced its specific plans for the property.

“Brooks has been a recognized leader in physical rehabilitation for more than 50 years. Purchasing this land is an investment in the long-term future expansion of our system of care,” said Doug Baer, president and CEO of Brooks Rehabilitation, in the release. “While we do not have immediate plans for its specific use, we want to position Brooks to meet the rehabilitation needs of this rapidly growing region.”

Brooks currently operates seven outpatient therapy clinics in St. Johns County with more than 40 throughout Florida.

 

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Morgan Johnson Commerce Park Bradenton

Xenia Management Corporation, a Clearwater-based real estate management services firm operating throughout the Southeast, has purchased an 11.45-acre mixed-use property at 5520-5540 State Road 64 E in Bradenton for $11.1 million.

The property, Morgan Johnson Commerce Park, is a two-building Class A business park with 40,184 square feet and excess land approved for up to 37,000 square feet of additional mixed-use development. Based on existing square footage, the sales price translated to approximately $276 per square foot.

Paul Carr, Todd Tolbert and Lori Hellstrom of Colliers represented the seller, Morgan Johnson Commerce Park, LLC, a privately held investment group affiliated with New Market Strategies, LLC of Stuart, Fla., in the transaction. The buyer was self-represented.

Built in 2009 and expanded in 2012, Morgan Johnson Commerce Park features a single-story medical office building and a two-story office building, which are 100% leased to four tenants. Two departments of the U.S. government (Veteran’s Affairs and Social Security Administration) comprise 72% of the property’s existing square footage.

“Given the dynamics of the location, stabilized income stream and development upside potential, the property generated significant interest and multiple competitive offers,” said Paul Carr, Executive Managing Director, Investment Services for Colliers. “It was a great fit for this buyer because it further grows their portfolio of U.S. government-occupied properties while satisfying a 1031-exchange requirement.”

Xenia Management Corporation owns and manages over 1 million square feet of commercial space throughout the Southeast. The firm is a preferred developer for the U.S. General Services Administration (GSA) and specializes in working with government agencies, as well as private office, retail, industrial and healthcare entities.

The property sits along S.R. 64, less than a mile from Interstate 75, offering easy accessibility for employees and consumers in the surrounding MSA. It also features a notably high surface parking ratio of approximately 7.2 spaces per 1,000 square feet.

“In addition to the strength of the long-term tenants already in place, the park’s undeveloped parcels offer a competitive advantage to meet almost all tenant demand in the market for well-located office, medical and/or high-traffic retail space,” Carr said.

 

Source:  Florida Trend

2828 S. Seacrest Boulevard

Easton & Associates advised ShareMD, a healthcare real estate and physician practice solution company, on the value-add acquisition of a 31,747-square-foot medical office building in Boynton Beach, Florida. ShareMD paid $6.45 million in the off-market deal that closed May 21. The seller was Redfearn Capital.

The two-story building, located at 2828 S. Seacrest Boulevard, across the street from Bethesda Hospital East, is approximately 84% occupied. It is anchored by Orthopaedic Surgery Associates. Other key tenants include an imaging center, rehab center and an OBGYN clinic.

“Boynton Beach’s robust population growth and the building’s proximity to a major hospital owned by Baptist Health, fits perfectly with ShareMD’s investment strategy to acquire on-campus medical office assets in South Florida,” said LaBreche, who represents ShareMD throughout Florida. “By investing capital to modernize the building, my client hopes to improve occupancy and drive rent growth over time.”

Alpharetta, Georgia-based ShareMD has been making a big push into Florida to roll out its co-working medical suite concept which is already up and running in five Southern California locations. The company builds out clinical space for doctors and other medical professionals and then leases it by the half-day, day, week or month—allowing physicians to expand their geographic reach and save money by not being tied into long-term rents.

The Boynton Beach transaction represents the seventh medical building acquired by ShareMD in the past 20 months and increases its portfolio to 13 properties and over a million square feet of owned healthcare assets in Florida and California.

 

rendering of new Memorial Cancer Institute planned at 12235 Pines Blvd in Pembroke Pines

Memorial Hospital West is preparing to demolish a Pembroke Pines retail center so it can build a cancer institute.

The 6.8-acre site at 12235 Pines Blvd. It currently has two big box retail buildings totaling about 60,000 square feet.

Memorial Healthcare System acquired the former Toys R Us store there for $10.75 million and the former Petco store for $6.5 million in 2018. They are just south of Memorial Hospital West, one of the busiest hospitals in South Florida.

The plan shows a four-story, 120,100-square-foot building with 329 surface parking spaces, including seven electric vehicle charging stations, and a garden on the roof.

 

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Brooks Rehabilitation plans to expand its presence in Orlando significantly.

The Jacksonville-based rehabilitation care organization will open five local outpatient clinics through the end of 2021 for a combined $1.9 million in build-out costs; as well as five more new locations in 2022 and another five in 2023.

Brooks Rehabilitation is expanding here due to the area’s high population growth, Ann Leinenwever, vice president of outpatient for Brooks Rehabilitation, told Orlando Business Journal. The company’s market analysis also showed a need for “more specialized rehabilitative services to the greater Orlando region, particularly in the areas of neurological rehabilitation, oncology rehabilitation and pelvic health rehabilitation.”

Locations where Brooks will open in the next several months include:

  • 1700 W. Sand Lake Road, Orlando: This 3,048-square foot location will open in August and focus on physical therapy. It will employ four physical therapists and one front desk staff member. It will cost about $335,280, or $110 per square foot, for build-out.
  • 339 Cypress Parkway, Kissimmee: The 2,519-square-foot location will open in September and focus on physical therapy. It will have three physical therapists and one front desk staff member. It will cost about $277,090 for build-out.
  • 15508 W. Colonial Drive, Winter Garden: The 3,157-square-foot location will open in October and focus on physical therapy, with four physical therapists and one front desk staff member. It will cost about $347,270 for build-out.
  • 2435 S. Hiawassee Road, Orlando: The 3,257-square-foot location will open in November and focus on physical therapy with four physical therapists and one front desk staff member. It will cost about $358,270 for build-out.
  • 2616 U.S. Highway 27, Clermont: The 5,000-square-foot location will open next January, and provide physical, occupational and speech therapies. It will have five physical therapists, one occupational therapist, one speech therapist, one front desk staff member and one rehab tech. It will cost about $550,000 for build-out.

 

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JLL Capital Markets closed the $64 million sale of a five-property seniors housing portfolio with properties located throughout Southeast Florida.

JLL represented an undisclosed seller to complete the sale to the buyer, an affiliate of Fortress Investment Group LLC. JLL is also working on the buyer’s behalf to secure the acquisition financing. All properties are managed by Florida-based Sonata Senior Living, who has operated the communities for more than three years and will continue to manage the properties going forward.

Pete Stone, Managing Director at Fortress Investment Group, says, “We are excited about working with Stuart Beebe and the talented management team at Sonata on the Southeast Florida portfolio. We believe the portfolio is well positioned to benefit from the strong demographic trends in South Florida particularly from the accelerating trend of migration of seniors to Palm Beach county.”

The portfolio includes five Sonata properties totaling 444 units in Delray Beach (80 units), Boynton Beach (92 units), Boca Raton (74 units), Coconut Creek (94 units) and Vero Beach (104 units).

All properties were well-maintained by the previous owner, undergoing over $13 million in capital expenditures over the past four years, including exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care and new generators to comply with Florida regulations.

 

Source:  Yield Pro

 

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Orlando Health has made its first acquisition of 2021.

The nonprofit health care system — which has $7.1 billion in assets and $4.5 billion in annual revenue — closed a deal to acquire Leesburg-based FHV Health for an undisclosed price. The multispecialty medical group has 19 physicians and 10 locations, including primary care, cardiology practices and urgent care facilities in Lake, Sumter and Marion counties.

The group’s new name is Orlando Health Medical Group FHV Health. The acquisition will expand its presence in those three counties and advance FHV Health’s ability to provide services to patients, said Dr. Jose R. Rosado, vice chairman, in a prepared statement. FHV Health was founded in 1991 by Dr. David Lew, who is chairman. Its specialties include cardiology, general surgery, endocrinology, kidney disease, urology and primary care.

The 3,200-bed Orlando Health system includes 15 wholly-owned hospitals and emergency departments, as well as speciality care across several categories. Nearly 4,200 physicians have privileges across the Orlando Health system, which has about 22,000 employees. In fiscal 2020, Orlando Health served nearly 150,000 inpatients and 3.1 million outpatients.

 

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Healthpeak Properties sold the Sonata Coconut Creek assisted living and memory care facility for $11.9 million.

HCP AM/Florida LLC, an affiliate of Irvine, California-based Healthpeak, sold the 94-unit, 67,547-square-foot assisted living facility at 4175 W. Sample Road to CREF3 FSLP Coconut Creek Owners, managed by Fortress Investment Group, the New York-based private equity firm.

The price equated to $126,596 per unit. The property last sold for $9.69 million in 2002.

 

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